Bank of America Corp DE Takes $27.71 Million Position in Century Aluminum Company $CENX

Key Points

• Bank of America acquired 602,232 shares of Century Aluminum in the second quarter, worth approximately $27.7 million and representing about 0.61% of the company.
• Several other major investors also initiated positions, bringing institutional ownership of Century Aluminum to 61.59%.
• Analysts maintain a “Moderate Buy” consensus with an average $72 price target, while the company recently beat quarterly EPS estimates ($2.46 versus $2.33) despite revenue falling short of forecasts.

Bank of America Corp DE bought a new position in Century Aluminum Company (NASDAQ:CENX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 602,232 shares of the industrial products company's stock, valued at approximately $27,709,000. Bank of America Corp DE owned approximately 0.61% of Century Aluminum at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Man Group plc acquired a new stake in Century Aluminum during the 2nd quarter valued at $2,784,000. Jupiter Topco LLC acquired a new position in Century Aluminum in the second quarter worth $1,375,000. Kinetic Partners Management LP bought a new stake in shares of Century Aluminum during the second quarter worth $35,736,000. Hsbc Holdings PLC bought a new stake in shares of Century Aluminum during the second quarter worth $804,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Century Aluminum in the second quarter valued at $16,812,000. 61.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CENX. B. Riley Financial reaffirmed a "buy" rating on shares of Century Aluminum in a report on Tuesday, August 18th. UBS Group initiated coverage on shares of Century Aluminum in a report on Monday, August 10th. They set a "buy" rating and a $60.00 price objective on the stock. Wall Street Zen cut shares of Century Aluminum from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Zacks Research downgraded shares of Century Aluminum from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 8th. Finally, Weiss Ratings lowered shares of Century Aluminum from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 21st. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Century Aluminum presently has a consensus rating of "Moderate Buy" and an average price target of $72.00.

Century Aluminum Stock Up 0.8%

Century Aluminum stock opened at $39.40 on Wednesday. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of 6.80 and a beta of 1.99. The company's 50 day simple moving average is $44.97 and its 200 day simple moving average is $52.79. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.75 and a quick ratio of 1.61. Century Aluminum Company has a fifty-two week low of $25.40 and a fifty-two week high of $70.43.

Century Aluminum (NASDAQ:CENX - Get Free Report) last issued its earnings results on Thursday, August 6th. The industrial products company reported $2.46 EPS for the quarter, beating the consensus estimate of $2.33 by $0.13. Century Aluminum had a net margin of 22.63% and a return on equity of 33.83%. The firm had revenue of $752.10 million during the quarter, compared to the consensus estimate of $817.15 million. The business's revenue was up 59.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Century Aluminum Company will post 7.75 EPS for the current year.

Century Aluminum Profile

Century Aluminum Company is a producer of primary aluminum. The company operates aluminum smelters that convert alumina into aluminum metal, supplying standard-grade and value-added products used in transportation, construction, packaging, and other industrial applications.

Century Aluminum's operations are primarily located in the United States and Iceland. Its U.S. portfolio includes facilities in Sebree, Kentucky, and Mount Holly, South Carolina, while its Icelandic operations include the Grundartangi smelter, operated through its Norðurál subsidiary.

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